Payment System and Method for Electronic Commerce Transactions

Abstract

A payment system and method for electronic commerce transactions is disclosed. In an exemplary embodiment, a payment administrator receives a request for a payment notice for an electronic commerce transaction, such as a purchase on a merchant website. In response, the payment administrator creates a payment notice comprising a transaction amount (which may be converted between different currencies), an age restriction for the purchased product (if applicable), and a unique identifier for the electronic commerce transaction. Preferably, the unique identifier is presented in both human-readable form and machine-readable form (such as a barcode) on the payment notice. The payment administrator then transmits the payment notice to the purchaser, who may print and take the payment notice to a retailer for full or partial payment of the transaction amount printed on the payment notice.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]Not applicable.STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH OR DEVELOPMENT[0002]Not applicable.BACKGROUND OF THE INVENTION[0003]1. Field of the Invention[0004]The present invention relates generally to electronic commerce and, more particularly, to a system and method for processing payments associated with electronic commerce transactions.[0005]2. Description of Related Art[0006]The global increase in broadband penetration is facilitating the growth in electronic commerce. Typically, at the time a purchase is made on a merchant website, the purchaser must provide credit card information during a “checkout” phase of the transaction. By requiring the submission of credit card information as payment for the purchase, certain consumer segments are excluded from electronic commerce, such as cash-centric consumers, security conscious consumers, unbanked or under-banked consumers, migrant workers, budget conscious consumers, and the youth.[...

AI Technical Summary

Benefits of technology

[0009]Upon receipt of the request, the payment administrator generates a unique identifier associated with the electronic commerce transaction, and creates the payment notice with the unique identifier and other information provided by the merchant (listed above). Preferably, the unique identifier is presented in both human-readable form (such as alphanumeric characters) and machine-readable form (such as a barcode) on the payment notice. Of course, other information on the payment notice may also be presented in both human-readable form and machine-readable form, as desired. If the transaction amount received from the merchant is in a foreign currency, the payment administrator may also convert the transaction amount between currencies so that the transaction amount presented on the payment notice is in a currency used by the purchaser. The payment administrator then displays the payment notice to the purchaser at the end of the checkout process and / or transmits the payment notice to the purchaser by electronic mail. If the purchaser does not pay the transaction amount presented on the payment notice, the payment administrator may send one or more automated reminder messages notifying the purchaser of the expiration date of the payment notice. After the expiration date, the payment administrator may send an automated message to the purchaser advising that the payment notice has expired and may no longer be paid.

Problems solved by technology

While these payment systems provide an alternative to the use of credit cards for online purchases, there are a number of problems that have not been addressed by these systems.

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